Nunavut Mine Training Fund
Highlights
This program is a great opportunity for your business. It offers up to $1,000,000 in financing to help you make essential purchases. Additionally, you can receive an extra $150,000 for software or daily operating costs.
What You Get
- Up to $1,000,000 in financing
- $150,000 for software or operating costs
The funds can be used for:
- Operating expenses
- Restorations
- New equipment
- Software
- And much more
The key difference between this loan and others is that it is backed by the government. You also have the flexibility to choose how you repay it, with up to 15 years to do so. This makes it a more secure and manageable option for your business.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- This grant does not require repayment. There are no interest rates associated with it.
Eligible Expenses:
- Training and development programs for employees.
- Purchase of equipment and materials necessary for training.
- Travel expenses related to training activities.
- Costs associated with hiring trainers or consultants.
Use of Funds:
- Funds can be used to enhance skills and knowledge of employees.
- Can be allocated towards improving operational efficiency through training.
- Suitable for covering costs of specialized training programs.
Restrictions on Use of Funds:
- Funds cannot be used for general operational expenses unrelated to training.
- Cannot be allocated towards salaries or wages of employees not involved in training.
- Not to be used for any non-training-related capital expenditures.
Fees:
- There are no application or processing fees associated with this grant program.
Qualifications
Must be located in one of the following areas:
- Across Nunavut
- Kitikmeot Region
- Kivalliq Region
- Various Communities
- Arctic Bay
- Arviat
- Baker Lake
- Cambridge Bay
- Chesterfield Inlet
- Churchill, Manitoba
- Clyde River
- Coral Harbour
- Gatineau, Québec
- Gjoa Haven
- Grise Fiord
- Igloolik
- Iqaluit
- Kimmirut
- Kinngait
- Kugaaruk
- Kugluktuk
- Naujaat
- Ottawa, Ontario
- Pangnirtung
- Pond Inlet
- Qikiqtarjuaq
- Rankin Inlet
- Resolute Bay
- Sanikiluaq
- Sanirajak
- Taloyoak
- Whale Cove
- Winnipeg, Manitoba
Eligible for remote work.
Description
This program offers your business up to $1,000,000 in funding. You can use up to $500,000 of this amount to buy equipment or improve your rented space.
Eligible uses include:
- Commercial kitchen appliances
- Manufacturing machinery
- Computers and IT infrastructure
- Renovating a retail space
For other costs like software or operational expenses, you can receive up to $150,000.
The federal government guarantees 85% of the loan, providing a strong safety net for you.
Flexible repayment options are available. You can choose between a variable interest rate, a fixed one, or a combination of both.
You have up to 15 years to repay the loan, regardless of what you spend it on.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. These typically include:
- Business registration details
- Financial statements (last two years)
- Business plan
- Proof of Nunavut residency
- Project proposal or description
Complete the Application Form: Fill out the application form provided by the program. Ensure all sections are completed accurately.
Submit the Application: Submit your completed application form along with the required documentation to the designated office or online portal.
Review and Follow-Up: After submission, monitor your application status. Be prepared to provide additional information if requested.
Await Approval: Once your application is reviewed, you will be notified of the decision. If approved, follow the instructions provided to access the program benefits.